The Lambda Orionis Star Forming Region is dominated by the O8 III star lambda^1 Ori. Among other structures, it includes a CO and a dust ring whose diameter is about nine deg, the S264 HII region, a large number of IRAS sources, the Barnard 30 and 35 dark clouds and a cluster associated with the central star, the Lambda Ori cluster (Collinder 69). We derive the initial mass function for this cluster (~5 Myr), covering several orders of magnitude in mass (50 - 0.02 Msun).